Hello
Reddit & Bitcointalkers!
I have been using Bitfinex since the beginning of their launch and never had a single problem. Was lucky enough to not store any bitcoins when the hack happened. I've used Bitfinex for a long time as a wallet provider aswell, because I trusted them enough and they do not enforce AML/KYC on accounts that only engage with cryptocurrency. With the easy interface and 24/7 internet access I thought it's convenient. I've been using my newly created account(s) for storing my bitcoins (depositing & withdrawing) aswell as trading during the latest 3 years. This have NEVER, EVER, been an issue before. Never! And that's simply because they only need a verified status of someone that would like to deposit or withdraw fiat.
Until a few days ago. All of a sudden, they won't process my bitcoin
withdrawals which is worth thousands of dollars. Even tho I only stayed with crypto. Instead they sent me a quite bizarre and privacy invasive list of questions they want answered:
Your account activity has raised some concerns.
We require more information in order to verify your identity, the source of these funds, and to understand your account history and objectives. Accordingly, please provide us with the following as soon as possible:
- a color copy of your current passport picture & facing pages, or other valid, unexpired, government-issued photo ID showing citizenship;
- a copy of a utility bill in your name showing your current address;
- a high resolution picture of you holding your passport (or other government ID) open to the picture page;
- a high resolution picture of you holding a copy of this e-mail message;
- a detailed explanation of the sources of all funds deposited to Bitfinex;
- identification of the owner(s) of the wallets to which transfers have been made to your Bitfinex account;
- identification of the owner(s) of the wallets to which transfers have been made from your Bitfinex addresses; and
- reasons for transfers from and to your Bitfinex account;
Please send us this information as soon as possible. We reserve the right to require further particulars and documentation from you.
Thank you for your anticipated co-operation,
How come they all of a sudden enforce AML/KYC on an account that's only using cryptocurrency and not any fiat at all? Once again. I have been doing this for 3 years. And there was never any problems. I asked this and he replied:
Bitfinex may perform enhanced customer due diligence procedures. At all times, you may be subject to enhanced customer due diligence procedures.
Maybe that's right. But this can only be applied to users with a verified status. This cannot be applied to people who only stay within crypto. There is no logic behind this at all.
Questions:- How long are they able to freeze my assets by law? There got to be a reasonable timeframe.
- How much "details" about the source of all funds deposited Bitfinex do they really need?
- Is it possible to transfer the assets to a lawyer via an agreement between me and him, who then goes through with the whole procedure?
No. It's not about
"Just do what you are told.". I stayed with cryptocurrency only on Bitfinex and never did anything wrong at all. These bitcoins simply belong to me. I am well aware when and why AML/KYC is needed. This is not such case. I believe in privacy which is the reason I use bitcoin. Since this have never been an issue during the latest years (i.e I am well within their terms & policy), how come it is now?
I do not like conspiracys but this seems like an easy way to fund the loss from the latest hack to be honest. I will however not give up that easily. Will update you all as soon as they answer my questions or process my withdrawals. Maybe I will comply with their questions. But I would like to know my rights first and if this is legal.
Thanks in advance,
NeedHelpWithBitfinex
ps. I have everything documented if evidence is needed.